Standard Chartered HK's underlying profit up nearly 40pc in first half

Standard Chartered’s (2888) Hong Kong business saw a nearly 40 percent rise in pretax underlying profit in the first half of the year, remaining the biggest contributor to the lender.

Its Hong Kong business reported a 38.6 percent increase to US$1.45 billion (HK$11.3 billion) in underlying profit before taxation in the period, accounting for nearly 31 percent of the group’s total.

This was followed by Singapore, whose figure more than doubled to US$798 million.

The Hong Kong segment’s operating income grew by 25.5 percent to US$2.78 billion, but its credit impairment also jumped 80.6 percent to US$168 million.

The British bank’s net forborne loans increased by US$192 million to US$976 million as of the end of June, of which net forborne loans in Hong Kong more than doubled to US$247 million amid a sluggish commercial property market.

STAFF REPORTER